ATLANTA — Marketing firm Nebo has relocated its office headquarters to a 16,000-square-foot space within The MET Atlanta. The MET is a 1.1 million-square-foot space that features more than 150 tenants and is located at 680 Murphy Ave. in the city’s Adair Park neighborhood, two miles south of downtown Atlanta. Nebo, which was founded in 2004, moved into the new space June 1 on a 10-year lease. Nebo relocated from 1000 Marietta St., where it employed 100 workers. In the new space, Nebo expects to hire an additional 150 employees. The landlord, Atlanta-based Carter, acquired The MET in June 2018.
SAN FRANCISCO — Terreno Realty Corp. has sold three industrial buildings comprising 340,000 square feet in metro Baltimore for a total of $51.2 million. The first property, a 66,000-square-foot building located at 7125 Troy Hill Drive in Elkridge, sold for $9.3 million. The asset was fully leased to three tenants at the time of sale. San Francisco-based Terreno sold the second property, which is situated at 7190 Parkway Drive in Hanover, for $25.3 million. The 159,000-square-foot building was fully leased at the time of sale to two tenants. The final building is a 115,000-square-foot asset located at 9070 Junction Drive in Annapolis Junction. Terreno sold the property for $16.6 million. The asset was fully leased at the time of sale to five tenants. The buyer(s) was not disclosed.
WASHINGTON, D.C. — Over 1.5 million Americans filed for first-time unemployment aid during the week ending June 6, the U.S. Department of Labor reports. The coronavirus has continued its grasp on the U.S. economy, but several governors have allowed their respective states to reopen certain aspects of the economy, including stores, restaurants, office buildings and amusement parks. The U.S. Bureau of Labor Statistics reported last Friday that the economy added 2.5 million jobs in the month of May. Furthermore, for the 10th straight week, the first-time claims have been lower than the previous week, with the most recent figure showing a decrease of 355,000 claims. Additionally, the continued claims decreased by 339,000 on a week-over-week basis to 20.9 million. The four-week moving average of the initial jobless claims for this week was just over 2 million claims, down by 286,250 claims the prior week.
TRINITY, FLA. — Cushman & Wakefield’s Tampa-based Senior Housing Team has arranged the sale of The Watermark at Trinity in Trinity. Kayne Anderson Real Estate acquired the community for an undisclosed price. The operator, Watermark Retirement Communities, will continue to manage the property. The newly built, five-story community features 117 independent living units and is adjacent to a 97-unit assisted living and memory care building constructed by the same development team in 2016. Watermark at Trinity is located at 1960 Blue Fox Way, 29 miles northwest of downtown Tampa. Allen McMurtry and David Kliewer of Cushman & Wakefield represented the seller, a development group comprising Walt Chancey of Gulf Coastal Development, Ricky Rookis of Rookis Development and Watermark Retirement Communities, in the transaction.
FORT MYERS, FLA. — Lee & Associates has arranged the $3 million sale of a two-acre, waterfront plot in Fort Myers. The buyer, a subsidiary of Sight Real Estate, plans to develop Riverfront First Street Apartments along the Caloosahatchee River. Comprising more than 200 units, the property will offer studio to three-bedroom floor plans. Communal amenities will include a pool, pool deck, clubhouse, onsite parking structure and a fitness center. The community will be located at 2543 First St., one-and-a-half miles from downtown Fort Myers. A timeline for construction was not disclosed. In the land transaction, Matthew Rotolante of Lee & Associates represented the seller, Compass USA SPE LLC.
PORT RICHEY, FLA. — The PMAT Cos. has acquired Regency Crossing, an 85,864-square-foot, Publix-anchored shopping center in Port Richey. The property was 70 percent leased at the time of sale. The asset is located at 7003-7051 Ridge Road, 38 miles northwest of downtown Tampa. The seller was not disclosed.
KANNAPOLIS, N.C. — Prime Beverage Group will invest $68 million in a manufacturing facility in Kannapolis that will create 231 jobs. The 300,000-square-foot property will include warehouse space and will have the capability of packing 1,500 cans per minute. The property will be located at 1858 Kannapolis Parkway, 21 miles northeast of downtown Charlotte. Among the positions Prime Beverage will add in the Cabarrus County facility are technicians, sales, operations and managerial personnel with an average annual salary of $65,900. According to North Carolina Gov. Roy Cooper’s office, the current average annual wage in Cabarrus County is $38,892. Funding for the project is coming in part from the state’s Economic Investment Committee, which approved a 12-year Job Development Investment Grant. The grant authorizes the potential reimbursement of up to $2.4 million if the company meets its hiring goal. Prime Beverage is a beverage co-packing company that will contract with brand name beverage companies to mix and package their canned drinks. A timeline for construction was not disclosed.
NASHVILLE, TENN. — A joint venture between BentallGreenOak, Flank Management LP and Geolo Capital has acquired Hutton Hotel, a 250-room hotel in Midtown Nashville. The sales price was not disclosed, though the joint venture said it bought the asset in an all-cash deal. Hutton Hotel was delivered in 2009 and draws inspiration from its proximity to Music Row, with two writers’ and recording studios within the hotel. The hotel also offers three dining concepts: a coffee shop, all-day restaurant and a 5,000-square-foot entertainment venue that hosts live music events. Additional amenities include a Tesla Model S for guest transportation, fitness center, a spa and in-room record players. The seller was not disclosed, but Carey Watermark Investors (now known as Watermark Lodging Trust) purchased the asset in 2013 and listed it on the company’s year-end 2019 portfolio snapshot. Earlier this week, the Nashville Business Journal reported that 137 employees at Hutton Hotel were permanently laid off due to the COVID-19 pandemic.
NEW YORK CITY — Hunt Real Estate Capital has provided three Fannie Mae refinancing loans totaling $45.5 million for three multifamily communities comprising 620 units in Alabama and Georgia. The properties are Tapestry on Vaughn in Montgomery and Trilliam Luxury Apartment Homes in Clanton, Ala.; and Pavilion at Plantation Way in Macon, Ga. Chad Hagwood of New York City-based Hunt Real Estate originated the loan on behalf of the borrower, EBSCO Income Properties LLC. All three loans feature 12-year terms and fixed interest rates with four years of interest-only payments. Tapestry on Vaughn is a 252-unit garden-style community that was built in 1994. The community offers one- through three-bedroom floor plans. Communal amenities include a picnic area, fitness center, pool and a playground. Trilliam Luxury Apartments is a 128-unit affordable housing community that was built in 2002. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, resident lounge, storage space, fitness center, pool and a playground. Pavilion at Plantation Way is a 240-unit property that was built in 2009. The community offers one- through three-bedroom floor plans. Communal amenities include a pool, media center, movie theater, fitness center and a business center.
BOCA RATON, FLA. — Berkadia has arranged a $6.9 million acquisition loan for a 52-unit apartment portfolio in Boca Raton. An undisclosed bridge lender provided the fixed-rate, three-year loan on behalf of the borrower, Rental Asset Management (RAM). The properties were unoccupied at the time of sale. Mitch Sinberg and Matthew Robbins of Berkadia represented the borrower in the transaction. The first property, Villas at Camino, comprises five two-story building totaling 28 units. The property is located at 329 W. Camino Real. Built between 1958 and 1968, the asset offers amenities such as a pool, cabana and two laundry facilities. The other property, dubbed the Southwest 14th and 15th Street portfolio, offers two- and three-bedroom floor plans. The collection of apartments were built between 1966 and 1974 and range from 1,180 and 2,250 square feet.